- The startup has already grown fivefold in seven months despite focusing only in the UAE and Saudi Arabia.
- Flat6Labs, Resonance, Techmind and severalother business angels led the cash infusion.
- Aims to provide customers like-new devices for 30-70 per cent cheaper than new devices and diversify into other electronics categories.
A Dubai-based refurbished-electronics B2C startup – Revibe – has secured a $2.3 million funding to accelerate its growth within the $6 billion refurbished consumer electronics market in the MENA region and expected to reach $20 billion within the next decade.
The startup, founded in 2022 by Abdessamad Benzakour and Hamza Iraqui, has already grown fivefold in seven months despite focusing only in the UAE and Saudi Arabia.
The funding round was led by Paris-based Resonance, Flat6Labs, Techmind, financiere Saint James (family office of Michael Benabou) and several business angels.
The founders identified the need to create trust in the regional second-hand electronics market and with the promise to provide customers like-new devices for 30-70 per cent cheaper than new.
Moreover, they based their value proposition on sustainability, price sensitivity, and increased trust.
More funding in second half
“We saw that there is an abundant supply of eco-friendly electronics, both locally and through imports. But in spite of the booming demand for more affordable green tech products, there was no established, trusted party capable of providing quality-controlled devices at scale,” Benzakour said.
Revibe will use the cash infusion to rapidly expand in its core markets and strengthen its operations and customer care team, based on its founders’ belief that successful scaling will only come from the company’s ability to provide quality in both products and service from the beginning.
It will also develop its technology team, and make investments in marketing. Throughout 2023, Iraqui and Benzakour are additionally focusing on strengthening Revibe’s supply base while diversifying into other electronics categories such as smartwatches. A subsequent funding round is expected to happen in the second half of 2023.
Reducing carbon impact
“Our promise is to provide customers with like-new devices. Currently, we are concentrating on Apple iPhones and iPads, some Samsung devices, and laptops. Our success has come from always meeting our pledge to customers. But we are expanding all the time and our goal is to gradually introduce all categories of electronics,” Iraqui said.
Maxime Le Dantec, Partner & Co-founder, Resonance, said that the refurbished electronics represents a massive opportunity, especially in this time of economic challenges and growing climate awareness, where consumers are more mindful of their carbon impact while facing decreased purchasing power.